Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration no. 1918/000095/06)
JSE code: BAW
ISIN code: ZAE000026639
Chairman`s Statement, Changes to the Board of Directors and Passing of Special
Resolution at the Annual General Meeting of Barloworld Limited
Speaking at the Annual General Meeting of Barloworld Limited today, Chairman
Warren Clewlow said:
"In the Chairman`s Statement accompanying the Annual Accounts we anticipated
another year of good progress backed by strong operational cash flows.
The results of the first quarter of this financial year continue to back this
statement.
Trading conditions in most of the regions in which we operate are proving to be
in our favour and the group`s operating profits for the first quarter are well
ahead of those of last year and they also exceed our plans.
Indications are that this trend will continue but perhaps at a lower rate.
The recent rapid appreciation of the Rand affects the translation of
international profits. International Accounting Standards require certain
adjustment to inventories as well as marking foreign exchange contracts to
market values.
These required adjustments would currently offset some of the good gains made at
the operating level.
Overall our outlook for the year to September 2003 remains unchanged and we
expect to be able to report another year of good progress."
At the meeting it was announced that Messrs G Ross Russell and R Fernadez
Urrutia y Carles retired from the Board having reached the statutory retirement
age for non-executive and executive directors respectively.
Mr. Clewlow also announced that Mr. DC Arnold, Director, Finance and
Administration will be retiring on 31 March 2003. He thanked all the retiring
directors for their contributions to the company over many years.
With effect from 01 April 2003 Mr. CB Thomson has been appointed Financial
Director of the company.
The meeting approved the special resolution relating to the company`s share
buyback programme as contemplated in item 4 of the notice of Annual General
Meeting.
Sandton
30 January 2003
Sponsor
Cazenove
Date: 30/01/2003 02:57:33 PM Produced by the JSE SENS Department
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